Schaeffler signs an agreement with CITIC

Schaeffler Group and CITIC Pacific Special Steel Group Co., Ltd. (CITIC Steel) have inked an agreement to form in-depth strategic cooperation in such areas as sustainable development of the supply chain, R&D of new products and technologies, as well as digital connectivity.

Under the agreement, Schaeffler will purchase green steel from CITIC Steel, in a bid to speed up the pace of achieving its climate neutrality goal.

Schaeffler aims to be operating as a climate-neutral company from 2040. The objective covers the entire supply chain of the group. In addition, it expects its production facilities to already be climate neutral from 2030, and the emissions from intermediates and raw materials occurring in the supply chain to be reduced by 25% by the same year.

Moreover, both parties will team up on developing all-new bearing steels to better meet the demands for lightweight performance, high strength, high stability and long service life.

In addition, the two companies will conduct more cooperative projects in the digitalization and intelligentization of dynamic facility monitoring.

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